The USNO 61" (1.55 m) astrometric reflector was state-of-the-art when it entered service in 1964. However, with a relatively small aperture, it now has limited research capability because it can not observe faint objects. The current facility, including dome and pier, offers significant resources upon which to build a larger telescope. Preliminary estimates indicate that a 3.5 m telescope could be retrofitted into the dome at a cost of ~$10-15 million; about half the cost of building on a new site. USNO has contracted with an engineering firm to perform a feasibility study of such a telescope upgrade, the results of which are summarized.